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London’s property market is throwing us a curveball by offering some good news for potential homebuyers. That’s right: good news! According to the most recent analysis from the Halifax House Price Index, our city’s housing market might (finally) be showing signs of positive change.
The index indicated that properties in some London boroughs are becoming slightly more affordable, which is apparently the result of rising wages and a slowed-down market. The ratio of house prices to incomes is looking better than last year, when housing affordability in the capital saw its worst-ever levels.
The cheapest borough in the capital is Barking and Dagenham, which saw an average house price to income ratio of 5.4. The most expensive borough, meanwhile, is Westminster / City of London (surprise, surprise), where house prices are a whopping 16 times the average income.
When it comes to the borough with the most significant change, that would be Richmond. The average house price in the south-west borough is now 10.9 times average earnings, compared to a jaw-dropping 12.3 times just a year ago.
While prices have gone down in many places, London boroughs are still well above average national figures. The UK average for a home is now 6.7 times average earnings, down from its peak of 7.3 last summer.
Want to find out how house prices are changing in your borough? You can read Halifax House Price Index for 2023 in full here.
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